NTL-5 Gas Royalty Act of 1987

NTL-5 Gas Royalty Act of 1987 - Sets forth a royalty calculation for certain Federal onshore oil and gas leases and for certain Indian leases (for the period from January 1, 1982, through July 31, 1986), under which the value of gas production shall be determined in accordance with specified lease terms and Federal regulations in effect at the time of production. Prescribes guidelines for the refund of previously paid royalties. Applies this Act only to leases for which documentation shows that the lessee or royalty payor received less than the highest applicable price under the Natural Gas Policy Act as a result of market conditions or considerations.

Requires the Secretary of the Interior to notify the affected lessees and royalty payors of the provisions of this Act and to publish such notification in the Federal Register. Sets forth procedures for case-by-case audits of such leases by the Secretary to determine the amount of refunds due and payable under this Act.

Mandates that the Secretary report to each Indian tribe holding specified Indian oil or gas leases regarding the difference between royalties computed under a certain Notice (NTL-5) and royalties computed in accordance with this Act.

Requires lessees and payors to maintain records related to the value of gas production to which this Act applies for the period January 1, 1982, through July 31, 1986.